News

News broke late yesterday that Greece had agreed to a new austerity plan with aggressive spending cuts and tax hikes. The market reversed to pare some losses, but Wall Street is again trading lower as investors are still concerned over the debt crisis in the European Union. In addition to Greece, which is bringing its plan for parliamentary approval, there still remains other troubled economies like Ireland and Portugal. Stocks are also being dragged down by the tech sector, which actually led gainers yesterday. Oracle (ORCL) announced strong earnings after the market closed yesterday, but shares are trading down by about 4.5 percent today as hardware sales fall. Other semiconductor and tech stocks are also falling lower as a result. Micron Technology (MU) shares are down over 13.5 percent as the company missed Q3 earnings estimates. Oil prices are showing some volatility, but are also ultimately down as yesterday's announcement from the IEA and U.S. releasing 60 million combined barrels of oil could mean an oversupply of fuel. Oil is trading at just over $90 a barrel. Gold and silver prices are also down 1 percent as the U.S. dollar strengthens.

Are Best Buy (BBY), Target (TGT), and Wal-Mart (WMT) nothing more than showrooms for Amazon (AMZN)? [Bezinga]

Why the Greece's austerity plan is already irrelevant to the markets. [CNBC]

Check back as more news develops.

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